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Do the risks outweigh the advantages of
OFFSHORE online banking?

Online banking has a number of
advantages but there are also a few
risks associated with it as well. The
fact that there are a few risks cannot
be denied even if one is comfortable
with internet banking. The associated
risks are often ignored by many people
because the convenience offered by
internet banking overweighs the possible
risks that one may have. All consumers
who use internet banking facility trust
their respective banks and the system so
that no untoward incident occurs with
them.

Moreover, with internet banking,
customers are able to pay their bills at
any time of the day or week. Also, the
need to write checks, keeping track of
check book balances, or other such
annoying stuff get eliminated with
online banking services. All that is
required for consumers to do is to sit
in front of their computer, enter
billing details such as information
about the bank account and the amount to
be transferred, and the work is done.
All the information being sent over the
internet is protected with codes and
passwords.

However, theft is the biggest concern in
people’s minds with respect to online
banking. There is the fear of theft of
pin codes and passwords as well as
online identity thefts. Moreover, there
is also the risk of virus attacks on the
computers in the banks which could bring
their systems to a halt. Also, hackers
could get in and steal the money in a
bank. These are genuine concerns that
people have with respect to inter net
banking, but all these issues are
addressed by banks so that their
customers are assured. There are a
number of protection mechanisms employed
by banks to take are of such
eventualities.

However, customers should also take
necessary precautionary measures to
safeguard their money. Firstly, pin
codes and passwords should never be
given to anyone or should not be stored
in places that are easily accessible by
others. Such information is for a
consumer’s use only for the safe access
of bank accounts, for transfer of funds
between accounts or for paying bills. If
such information is safeguarded then the
bank accounts as well as the funds are
protected.

While using online accounts, it is
important to know that pop-up windows,
search engines or links given in e-mails
should never be used. It is better to
permanently delete anything that looks
suspicious. Each bank has a website and
specific steps for paying bills. Only
the bank’s website should be used.
Moreover, all customers to know that no
company required your personal bank
details such as pin code or password.
Hence, when such information is asked,
never give it out and stop proceeding
with such transactions. Immediately
leave such site and do not return again.

Though there are a few risks associated
with online banking, it is essential for
consumers to know that this facility is
pretty safe. Also, it is a convenient
and efficient method to carry out
banking related transactions. Contact
one of our helpful account
representatives to assist you in the
setup of
a
high risk merchant account or
offshore merchant account for a
high risk merchant.